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it's been a true pleasure talking about customer relationship management we have talked about where is aspect of customer relationship management in terms of its definition and various cool concepts or the key terms which make up this wonderful concept as a whole so today we'll talk about customer relationship management cycle what we call a CRM cycle CRM cycle is a a very important aspect of customer relationship management and and a right understanding of the entire cycle will really help the marketers to kind of come out of this fierce competition in the most effective way and I like reach onto the blue ocean so that the crux of our CRM cycle lies in no two parts the first part which is call now customer acquisition but which is the most of the companies definitely they focus on customer acquisition part and the second most important part which most of the brands who are kind of ignored this it they are they they land up in ah who assume so customer relationship management cycle comprises of two parts first part is customer acquisition as I said and the second more important part which is customer development so we discuss both the paths at length now customer acquisition starts from the point right from the time you start creating awareness about your brand in the minds of your potential customers then it leads to nurturing the prospects and converting them developing a kind of conviction in their minds and then developing them into your customers and then this customer acquisition cycle kind of ends it's very important for your brand to understand that see Irene starts after this thought comes in picture that is customer acquisition that is the customer has taken the purchase decision and he is now your customer he has converted the prospect has converted into a customer that's precisely your sales funnel which starts from awareness interest desire and action in the form of purchase decision now most of the brand's they feel that after this once the customer is your customer is really don't need to focus on retaining the customer then they are just get into a new competition of grabbing new set of customers and they are kind of lose out on focus on now be set of customers but once the customer takes a purchase decision I feel that's the most important time the customer needs to be engaged further he needs to be nurtured further because that's the time when a concept if you have heard a concept called post purchase dissonance that occurs in the minds of the customers what is thatis that's a time and customer really of assesses a purchase decision in the most critical way maybe he thinks that he has overpaid for product or service or maybe there is a disparity between his prior evaluation and the final look of the product or service or maybe the competitors are offering something better than what he has opted for so there might be many reasons or maybe he is dunna and impulse purchase and then he has that core post-purchase dissolution or disowning so there's multiple reasons which you really need to focus on and that's the time if you create a connect with the customer that development phase that's the second part of your customer relationship management cycle that that will be a great help to you in terms of what happens when a customer is your customer he needs lot of reassurance in the since that he has taken a right decision and that's the time if that connect is created he will eat off for the state status call he'll be your loyal customer but again customer loyalty is not the endpoint and customer loyalty as a concept is an exhaustive concept you need to kind of understand customer loyalty to our different level it's not only here when a customer is coming to you for repurchase he is a loyal customer no that is something a wrong assessment because once the customer is turning back to you for a repurchase that's only loyalty to that certain extent but loyalty has to lead to a next level which is called customer advocacy customers should be so much convinced with your brand that hey it should be from his end that he talks positive about him who spreads a positive word-of-mouth about you he advocates your brand and any kinds of create that platform for you wherein you have more potential from that satisfied customer you're more potential customer opting for your brand Orca getting into that CRM cycle as a new set of customer for whom awareness has been created by a satisfied set of customer so CRM cycle comprises of broadly these two stages as we discussed customer acquisition and customer development so for every brand is important that they don't only focus on customer acquisition but it will focus your delayed on customer development because development leads to real brand advocates and those advocates will get in more customers to you on no cost so it's important to understand the cycle and get into the cycle you know best possible way [Music]